Best Buy cuts store jobs to help boost profits, after warning of slower sales

Best Buy Co Inc (NYSE: BBY) is cutting hundreds of jobs at stores across the country about two weeks after the retailer said it was seeing weaker sales than expected, Wall Street Journal reported on Friday, citing people familiar with the situation.The consumer electronics retailer has made the cuts over the past week, the report said.

Best Buy had around 105,000 workers in the US and Canada as of January, down from nearly 125,000 workers in early 2020, according to financial filings.

“With an ever-changing macroeconomic environment, including customers shopping more digitally than ever, we have made adjustments to our teams that include eliminating a small number of roles,” a company spokesperson told WSJ.

Best Buy anticipated slower sales after seeing a boom in demand for home theaters, office equipment, and kitchen appliances and benefitting from stimulus dollars.